good. >> we've been hitting singles a lot lately. thanks very much. dow, s&p both positive. enough for record highs. the nasdaq makes it ever closer to the 4,000 level. that's it for the first hour of the "closing bell." stick around. more on the second hour of "closing bell" with maria bartiromo. i'll see you tomorrow. it's 4:00 on wall street. do you know where your money is? hi, everybody. welcome back to the "closing bell." i'm maria bartiromo on the floor of the new york stock exchange. dow and s&p 500 closing at yet another record high tonight. unchartered territory for this market. on the street today, post janet yellen's confirmation hearing commentary, dow industrial average up 55 points at the close. 15,876. all time closing high for the blue chip average. nasdaq picked up seven points.

fractional percentage move. s&p 500 closing at an all-time high. more on this historic day in a moment. first hedge fund titan leon kuperman. >> frequent guest on cnbc omega advisers leon kuperman out with his filing about what he's owned, bought and sold. highlights, first of all, for leon cooperman include top new positions in comcast corporation. that, of course, the parent of nbcuniversal. parent of this network. also freeport mcmoran. notable liquidations. he no longer holds any apple shares. no longer holds any crocs shares or google shares or los vegas sands. all liquidated out of his

holdings. sprint corporation, he's talked about that on air before. he's lowered his position to 35.2 million shares from what was a 95 million share position before. and qualcomm, another one of his top holdings, he's lowered his stake there to 2.8 million shares from about 3.8 million shares before. we'll keep combing through these filings. still some notable moves from leon cooperman at omega advisers. >> made big money on google and apple, no doubt about it. crocs as well. probablyquidation efforts. bob pisani still with the slow melt up. that continued today. >> cisco is down 10%. the nasdaq is up today. that's unbelievable. take a look at the -- what the markets are doing today. the uptake from the yellen testimony is qe-2, qe-3, is going to continue for the near future. that's what mattered for the markets. we had astonishingly poor guidance from cisco. a disaster. kohl's terrible as well.

it shrugged it right off. market rotation continues. back into high volatility names. networkers today, folks, if this would have been six or seven years ago and cisco was down 11%, the nasdaq would be down 3% today. but it's not. yes, the networkers got hit. because we're rotating into new technology, new media, whatever you want to call them. they're high beta names here. take a look. groupon. netflix. priceline. amazon. all sort of staged a comeback. they've been under pressure. that's why the nasdaq was up overall today. another group doing well from the yellen testimony, emerging market stocks. down almost every day this month. there's the big etf for them. a one month chart. bouncing back today. going up the minute she sat down in that chair. take a look at the retailers. kohl's guidance was terrible. it was down. walmart and dillard's, all three had comp store sales they were disappointing. but walmart did not lower its guidance. dillard's didn't lower guidance. maria, as long as you're not lowering your guidance, you're okay right now. quite a day.

quite a lesson from janet yellen. slow monotonic voice. >> joining me now, heather hughes from sunamerica funds. dick burr ij. zachary carabel from river twice research. our own mandy drurry. good to see everybody. mandy, let me kick this off with you. gold climbing today on the heels of the yellen commentary. what was your take? >> gold liked what yellen had to say. basically as bob was saying it's going to be qe continued. still too early to pull the plug. all of those comments put together was making a good day for gold. you mo whknow what, maria? gold has had a pretty tough year. also you had today the world gold council coming out and saying demand is around four year lows. it cut its gold forecast for india. really big consumer of the yellow stuff. and yet all despite that gold latching on to what yellen had

to say. i would put this out, maria. if indeed equities also feel that yellen's commentary, and hopefully it stands going forward, if equities also feel that's positive for them, that could also be bearish for gold, right? gold in the past has been sort of an alternative to equities in terms of a safe haven. if you can get a bigger bang for your buck in equities maybe gold will have a short mid-pop. it was interesting the way gold reacted to what ms. yellen had to say. >> zach, what did you learn from yellen. >> i'm also head of global strategy for investment now as of this week. i'm going to put that in. yellen was supposed to be a big deal today. and in a lot of ways, you know, she wasn't except for the fact i get the sense there's a lingering suspicion in market land that all of this is just a product of dovish fed policy, right? she comes out, saying that's going to be the case. and markets continue to drift up. i have a feeling, i suppose this is a more bullish call, but that a lot of the reason why equity

markets are doing well is because relative to anywhere else, relative to any other investment in the world, companies are still net net doing better than not. cisco notwithstanding. so it may be a little bit of a misreading of why markets are strong in light of her dovishness. bond markets, i think, are another discussion. >> so you're saying that corporate america is is doing well and that's why this market is going up. >> corporate america is doing perfectly okay. relative to almost anywhere else in the world perfectly okay is good. >> dick, what do you think? you want to be invested in equities here? did you learn anything from yellen? >> i think she did exactly what we wanted her to do. the momentum that we have today in the economy i think is understated. she's going to continue to suggest to investors and to try to build confidence that her activities to support the momentum that we've had will continue. i think ultimately, what that's going to mean is that you're going to see money continue to flow into equities all over the world. as confidence builds. and ultimately as we enter into this third phase of this great

bull market that we've been in, you're going to get not only the benefit of higher earnings growth and dividends, but you'll see the pe multiple p expand to a higher than normal level. >> and yet, you know, pe multiples are still not excessive. some people call the market fairly valued. you're hearing few comments, heather hughes, that it's overvalued. >> yeah. well, as we heard today, the punch bowl continues to be spiked. party on for the time being. in october we saw the largest monthly inflows -- not the largest. but one of the largest again this year being very strong net u.s. equity inflows of 10.5 billion. the largest since january. so in terms of another competitive alternative to stocks, we're just not seeing one right now regardless of those valuations or that price to earnings ratio that you stated. look, today the 37th closing high this year on the dow jones. and the 35th closing high this year for the s&p 500.

>> and you know what, maria, we've also got positive seasonality coming into play here. i've got great stats from our crack data team in the back here. that's that since 1980 for the dates between november 15th, i.e. from tomorrow all the way up until december 31st at the end of the year, the dow has been positive 91% of the time. the russell 2000 has also been positive generally and has had the largest average increase. you've got that seasonality giving us a tailwind as well. >> on heather's point about the punch bowl continuing to be spiked, to give a slightly different take on that kynard, i have a feeling investors are probably getting drunk for completely other reasons. and we're kind of looking at the fed as the reason for this. i think we should probably look away from the fed as the reason for this. >> you have to attribute much of the rally, though, to the fed, right? >> i don't think i do. i don't think i do have to attribute much of it to the fed. >> really? >> i don't either. >> i think the fed is certainly

helping this climate. >> uh-oh. looks like we have a great cocktail debate on our hands here as far as can we attribute it to the fed or not. you know, corporate earnings have been okay. but you mentioned cisco. you're looking at revenue continuing to be on the light side. you're not seeing new net investment in the corporate sector that you typically see in a recovery period. but i guess, so, zach, are you seeing something else in the economy aside from easy liquidity or easy money that's -- >> i think a lot of the things in combination you're making money from is a global environment where they reap all the benefits of global economic activity with very few coasts. as long as that continues to be the case they're going to be the beneficiaries of whatever is positive in the global economy and not in anything of the negative. >> zach, if i can also throw you a question, if you're not giving much credit to the fed for the massive bull run we've had in equities, would you also say that when the fed pulmos away,

it's not going to have that much of an armageddon effect either? >> right. i don't believe we'll see that. i don't believe anybody knows because this is all very new. the bond market is where you have to look for volatility around what happens in the fed. not necessarily the equity market. >> i think the question that mandy asked is an important one. at some point, it is baked in that we are going to see tapering and rates move higher. but not any time soon is the current expectation. when that does happen, actually, it may very well have a big impact. thanks, everybody. >> could take the fed two years. >> i'm sorry? >> it could take the fed two years to taper. >> that's right. >> hope not. >> it's true. thanks, everybody. to be 100% out of the qe game could take that long, sure. we'll take a short break. still to come on "closing bell," some jaw dropping and eye popping stories. there's a new study that states the fed's bond buying programs have not boosted stocks. that's exactly what zach just told us. one of the reports' authors tries to explain how he came up

with this. dennis gartman is also here. he just doesn't see how that's possible. also, imagine saying no to guaranteeing thousands of good paying jobs for years to come. in this economy. that's what one of boeing's biggest unions may have done. also, gamer alert. sony's highly anticipated playstation 4 on sale at midnight tonight. will it breathe new life into a tired industry? i'll talk with sony's man in charge. back in a moment. [ female announcer ] it's time for the annual shareholders meeting. ♪ there'll be the usual presentations on research. and development. some new members of the team will be introduced. the chairman emeritus will distribute his usual wisdom. and you? well, you're the chief life officer. you just need the right professional to help you take charge. ♪

welcome back. no surprises at the senate confirmation hearing of federal chairman nominee janet yellen. except for maybe how well she was treated by both sides of the aisle. hampton pearson covering it. >> no surprises for the markets. no confrontations with lawmakers. janet yellen saying the fed's stimulus program, frankly unemployment still too high. recovery still too fragile. if we had one moment it came during a question and answer session with senator bob corker when he asked her if, in fact, the fed has become a prisoner of its own policy and therefore the markets. >> it seemed to me, i think you diskuszed this a little bit in the office, the fed had become a prisoner to its own policy. >> senator, i don't think that the fed ever can be or should be a prisoner of the markets.

our job -- >> but to a degree in this case, it did affect the fed, did it not? >> well, we do have to take account of what's happening in the markets, what impact market conditions are likely to have on spending and the economic outlook. it is the case and we highlighted this in our statement, when we saw a big jump in rates, we did have to ask ourselves whether or not that could potentially threaten what we were trying to achieve. >> thank you. i -- just a little bit of a prisoner. maybe not fully. i understand. >> yellen's strong performance today is paving the way for a quick action by the senate banking committee. we're expecting a vote out of committee early next week. what happens as far as that nomination getting to the full floor of the senate is still very much up in the air. maria, back to you. >> hampton, thank you so much. hampton pearson. over the last several years it seems that each time the fed announces a fresh round of

stimulus, commonly called quantitative easing, the stock market moves higher. but a new study out says despite popular belief, fed bond buying has not boosted stocks. joining me is a co-author of that study, richard dobbs of the mackenzie global institute. also, dennis gartman who begs to differ. richard, you said the fed bond buying program has not led to u.s. stocks moving higher. how do you get there? >> well started off by thinking there would be an increase in valuation as a result of qe programs and interest rates. when we went through and looked at valuation levels of the stock market, we couldn't find any departure from long-term rates. so if you look at the pe ratios, price earnings to ratio, ratio to value of the stock to the earnings, or the market to book risch o ratio of companies, this is in line with the 50-year average. obviously, if you expected the quantitative easing programs to have boosted share prices, you would have expected pes to be up

above that trend. but they don't seem to be. the stock market appreciation we've seen over the last few years has been because earnings have been growing and cash levels in companies have been growing. that's what's been driving it. >> dennis, you completely disagree with this. >> no, no, no, no, no. i don't disagree at all. i thought what we were going to hear was that stock prices have gone up and had nothing whatsoever to do with the fed. clearly the fed has had something to do with it. clearly earnings have had something to do with it. clearly world growth has had something to do with it. anybody who wants to say that it was solely responsible for the fed taking stock prices higher would be wrong. and if that was the thesis that had been put to bed, let's put it to bed. i don't disagree at all. i would not agree it was only the fed that sent share prices up. i do think it's been the economy itself. i do think it's earnings. i do think it's economic strength. >> let's be clear. the economic strength and the earnings have actually come from the qe programs.

you know, the lower interest rates are cause for companies to have boosted earnings by a few percent. that's helped. obviously the economic growth that's come from the housing market has also boosted the earnings of the company. some of that has been as a result of the fed intervention. but what we're not seeing is evidence that there is an asset bubble. that prices, valuation levels are getting out of line with long term trends. there's no evidence yet of that happening. >> and so, dennis, in terms of the earnings story, how much of it do you think this market is higher based on real earnings and growth? >> if i have to put a number on it, let's say 30% to 40% is real earnings. let's say 30% to 40% is the fed's responsibility. let's say 30% to 40%, if i'm getting past 100% here, let's say that's psychology. all of those things. what you have here is a ship that's sailing with an extra -- with an extra motor pushing it forward at this point. it's a lot of good things actually happening.

a everybody that tells me that we have a -- that we've seen a bubble, that we have a bubble created by the fed, i've heard this story now for a year and a half. it may well be a bubble some point in the future. but all of those people have made that argument and they've been wrong for a very long period of time. >> richard, do you agree with that? >> i do. i think the earnings -- i'm not sure the earnings have been boosted as much by dennis's numbers. but i don't think that we are seeing a bubble. i mean, the price earnings ratios are in line with long term trends. i think there are questions as quantitative easing programs get wound down and tapered that i think are going to be important. partially if that's going to happen, that hopefully the economy will be in a better place. they're not going to start tapering them as they go down. but i think there's going to be a risk of some quite extreme volatility as markets try and get ahead of what's going on. >> all right. we will leave it there. gentlemen, thank you very much. thanks for this discussion. very interesting, indeed. we'll see you soon, gentlemen. we now know how big carl icahn's stake in apple is. dominic chu on that story.

>> again, still whale watching right now. what we've seen in the 13 f full-timing for carl icahn is that, again, remember, back in august he said he is building up this stake in apple, a substantial one. carl icahn in his latest securities filing said he owns at the end of september about 3.87 million shares of apple. worth approximately $1.8 billion. yes, he was not kidding when he said that it was a fairly substantial stake. again, $1.8 billion stake in apple. that constitutes about 3.8, 3.9 million shares as of the end of september. we'll keep going through these and bring you more updates. for now carl icahn's stake in apple revealed. over to you. it is almost go time. sony gearing up to launch the first new gaming console in seven years. it tdoes several things its pr d predecessor could not. activist investor cliff robbins, he's on the hunt for stocks that are undervalued. we'll find out what he's looking for.

we'll also discuss one of my favorite top you cans, money and medicine. the latest tech innovations driving health care. don't miss it. back in a moment. 30% of the traffic in a city is caused by people looking for parking. that's remarkable that so much energy is, is wasted. streetline has looked at the problem of parking, which has not been looked at for the last 30, 40 years, we wanted to rethink that whole industry, so we go and put out these sensors in each parking spot and then there's a mesh network that takes this information sends it over the internet so you can go find exactly where those open parking spots are. the collaboration with citi was important for providing us the necessary financing; allow this small start-up to go provide a service to municipalities. citi has been an incredible source of advice, how to engage with municipalities, how to structure deals, and as we think about internationally, citi is there every step of the way. so the end result is you reduce congestion, you reduce pollution and you provide a service to merchants,

and that certainly is huge. there's nothing like being your own boss! and my customers are really liking your flat rate shipping. fedex one rate. really makes my life easier. maybe a promotion is in order. good news. i got a new title. and a raise? management couldn't make that happen. [ male announcer ] introducing fedex one rate.

simple, flat rate shipping with the reliability of fedex. jbut when it comes to investing, things i prefer to do on my own. i just think it's better to work with someone. someone you feel you can really partner with. unfortunately, i've found that some brokerage firms don't always encourage that kind of relationship. that's why i stopped working at the old brokerage, and started working for charles schwab. avo: what kind of financial consultant are you looking for? talk to us today. welcome back. breaking news on kimberly clark. >> it looks like we've got kimberly clark shares on the move right thousand. we are seeing what they are saying right now. they're going to spin off their health care business. this is a business that would have about $1.6 billion of annual sales so that kimberly clark can focus on its consumer and professional business.

this health care unit makes things like surgical masks and drapes, sterilized wound dressings, that kind of thing. kimberly clark shares are on the move on this. again, maria, they're spinning off their health care business. again, a business that might have about $1.6 billion in sales per year. kmb shares are on the move. >> dom, thank you so much. 2013 may go down at the year of activist investor. you've seen it with carl icahn's run for control of dell and the push now he has for apple to use its cash. dan loeb's calms for chanls for sony. my next guest prefers to call himself a friendly activist. bl blue harbour group's cliff robbins. >> great to be here. >> is there really such a thing as a friendly activist investor? >> there is. >> tell us about it. >> there are many ways to do activism. our way is friendly. that's the way we built our business. over nine years we've never sued a company or done a proxy contest. we approach management teams with ideas to unlock value.

when we think they're synced up to want to work with us and are committed to do things to create value for stockholder, then we're backing them. >> what happens if you go in there, you're meeting with management. and you have ideas and they say, no. we're not going to do any of this. does it turn a little hostile at some point? >> no, it doesn't. >> you'll leave. >> we don't like to take no for an answer initially. we'll come back again. expose more ideas, spend more time, try to build a relationship president relationship. if we feel management isn't on board we'll move on. there are boards and ceos out there that are not willing to act. are not willing to take the lead. they're good targets for a hostile activist. that's also a very good aproech and a high return approach. but our approach is to invest behind those management teams that want to win. it really comes from my experience in private equity. i've been a private equity investor for 20 years before i started blue harbour. that's about working in partnership with management teams. that's what we want to do. >> tell me about the metrics and

the screens that you look at to come up with, you know, important and good value in terms of investing. i know you focus on small and mid caps, right? >> we focus on small, mid caps. that's really because those are the companies where we really can come up with unique alpha generating ideas. the typical smaller company doesn't have its own tax department, doesn't have its own corporate development department. we're able to be more of a value acretive stockholder. come up with unique ideas. we do screens on many -- on many metrics. we really are value investors. we're focusing on free cash flow yields of the companies. we're trying to find companies that are misunderstood or trading at a big discount to intrinsic value. our job is to bring ideas to management teams and help them close that gap between our perception of the real value of the company and where it's trading for. >> where do you see value in this market today? >> you know, it's hard to find value in the market as the

market goes up. >> record highs again today. >> record highs. but the value is there. i think a very interesting place to look for value is with companies with inefficient balance sheets. after the financial crisis, most companies, many companies, spent the ensuing years raising debt, raising equity. they stopped spending. cash on balance sheets has ballooned. rates collapsed. there are lots of opportunities where companies can make acretive acquisitions, buy back stocks, pay dividends. get their balance sheet to be more efficient. m & a is a big opportunity. we're going to have a continuing more m & a out there. that's going to be a good source of opportunities for activists. i also think we're going through a decon glglomerate -- selling division that doesn't fit. >> are you surprised we're not seeing more m & a? more of the spinouts given that rates are at such rock bottom levels? >> yes. i think the missing ingredie

ingredient -- >> it's confidence. >> is confidence. all the other seeds are there. we have the cash on balance sheets, low rates, accommodative financing. the number one determinate to whether a company makes an acquisition is how does the buying company's ceo feel about his or her business. confidence is building in board rooms. the housing market has stabilized. the consumer has been rather resilient. our economy is healing. i'm seeing quite good signs of confidence building. that's going to be a good determinate of corporate activity. >> what i always hear is that they want clarity on things. they want clarity on tax reform. they want clarity on the expensive health care. that will give them more confidence. i'm just looking at, you know, we were looking at your 13-f filings. you're out of jax in the box at this point. made 75% return off of that. you're still bullish on chico's and akamam. >> jack in the box has been a great investment. hats off to the management team that really took the lead and transformed that company from being a company owned store

system to becoming a franchised owned store system. selling stores to the ch franchisees. we're high on chico's and akamai. i think we would expect those management teams to take bold steps. i think on the -- what's driving whole activism, there's a lot of interest in activism, obviously. you calm ecalled it the year of activist. i think 2014 will be more of the same. it's driven by two things. one are the returns. this has been a really high return strategy. in a world where institutional investors are looking for return, there's no return in fixed income. that's putting a lot of press e pressure. they're getting out of passive equities and looking for active equities like activism where there's been high returns. there's only so much you can do on private equity and illiquid strategies. >> i want to get your reaction to berkshire hathaway.

they're out with their 13-f. let's get to dom chu. then your reaction. >> what we have right now is the berkshire hathaway 13-f's sec filing out. what we are seeing, the most notable thing we're seeing right now is a 40.1 million share stake in exxon mobil. the oil giant. now, at today's closing prices, we're talking about a stake valued at around possibly $3.7 billion from what we're seeing. this is not a small, small trade here. the question then becomes whether or not this was a buffett driven trade or whether or not it was todd cohen's or ted wesler. still, a very large trade made by warren buffett's berkshire hathaway. possibly around $3.7 billion. back over to you. >> big deal there. thank you so much, dom. the stock is up in the extended hours on this 13-f. 40.1 million shares of exxon mobil is what berkshire hathaway

has now. cliff, what's your take? i know this is a large company. >> yeah. it's a large company. all i can tell you about that is if warren buffett is obviously one of the best investors we've ever seen. if he's bullish on it, there's likely reason to be bullish on it. >> we're talking about activism. but i also want to get your take on health care. because this is something that you -- you have studied a lot. you're on the board of memorial sloan ketterring. >> this is so exciting. i have been on the board for about 15 years. it's one of the best things that i do. they're doing something with ibm that's transformational. it's going to really change the way health care is delivered. ibm and memorial slope kettering having working together. our doctors having teaching the watson computer about cancer. we've entered in 2 million pages of texts. lab reports, specimens, analysis, case files into the watson computer. that computer is learning how to

diagnose and treat cancer. this is hugely important. memorial sloan kettering is excellent. we only get to see 150,000 patients a year. the patients in the tristate area and those who come to us. but 80% of cancer in america is being treated remotely in community hospitals and other places where they don't have access to the state of the art research and clinical protocols that memorial sloan kettering can offer. >> it's like what's happening in india. there was an incidence of skin disease. they're taking pictures of it, sending it, it's being diagnosed by the best doctors in the world. >> the dream of this, i think it will be reality soon, when you go to see your doctor in ail but kerrky, your well intentioned physician, they will bring their direct -- go on to the watson ibm memorial sloan kettering offer and get the best of what we can offer. like an expert second opinion local to you. >> in minutes. watson is digesting this information very quickly.

>> exactly. it's in beta now. it will be live next year. it's going to be really transformational. >> how do you invest in something like that? >> it's not an investing thing. we're the development partner. we're teaching ibm the computer. >> can you invest in this subject is really my question. if you believe this is a growth part of the economy, i want to invest in it. >> i look at ibm. ibm is a big company. ultimately watson is a very important part of what ibm is going to do generally in cloud computing. and this application as i understand it from memorial sloan kettering is only one of the many things watson is going to be doing. what i'm excited about is what it's going to do for cancer care in the country. this is a tip of the iceberg of things that we're doing where we're expanding our clinical care, spending a lot of money on research to find obviously new modalities, more cures, drug discovery. we have really inspired leadership. president craig thompson has really taken us to a whole new place. i'm very excited about this partnership with ibm. i think it's going to be transformative. >> i think everybody out there

is wishing you the best on that one. for sure. great that you've been on the board and you've got such efforts to find a cure for cancer ultimately. thank you so much, cliff, for joining us. >> good to be with you. >> cliff robbins, ceo of blue harbour group. up next, a call on a $3 billion bluff. boeing planning ob spending $3 billion to build a new jet. but a union vote could mean the new plane will land somewhere else. the jobs go with it. that's story is next. stay with us. [ male announcer ] what if a small company became big business overnight? ♪ like, really big... then expanded? ♪ or their new product tanked? ♪ or not? what if they embrace new technology instead? ♪ imagine a company's future with the future of trading. company profile. a research tool on thinkorswim. from td ameritrade.

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. boeing machinists rejected a labor deal that shutdown traditional pensions and raised health care costs. this vote could mean those jobs move out of washington state. phil lebeau. >> both sides today are digging in. saying they do not plan ongoing back to the negotiating table. here's the contract that the machinists union, about 31,000 members, rejected. 67% voted no to a new eight year contract. the members unwilling to change the pension. again, that deal would have stretched through 2024. after the vote, here's what one union member said when asked about the possibility that this no could send the 77x somewhere

else. >> if they choose to take the 777x down the path they take the 787 and commit corporate suicide, it's their business, not ours. >> boeing is actively talking with citying around the country about the 777x plant. it expects to bring several thousand jobs to where the plane is built. they would last well past 2030. five cities to think about. there are a number of other cities that aren't being mentioned. salt lake city, huntsville, long beach. they've all been mentioned as potential sites. real quick, maria, if you take a look at shares of boeing, they surged to an all time high today. past $135 a share. clearly investors are betting that boeing, whether it's in seattle or somewhere else, has made the right move when it comes to this contract deal. >> fascinating story. fascinating twome ining develop. joining me on the telephone is steve parsley, a boeing crane

operator who's been with the company for 24 years. he voted against the offer made to the union last night. steve, thanks for joining us. >> you're welcome. >> why did you vote no on the plan that union pushed before you last night? >> it's just too much concessions. it's an ultimatum for us. and if we concede on this, i see it happening again in the future. >> what do you mean you see it happening in the future? >> if we had accepted this contract offer, who's to say boeing wouldn't come back in two, three years from now and give us another ultimatum on a different airplane? >> what are the options? i mean, what is the alternative here if boeing is trying to do something and make sure it's watching its cash? initially it was supposed to -- it was threatened to actually close down the plant. >> boeing -- excuse me.

boeing has threatened that or something similar every time to the machinists. if they want to negotiate and not just put forth contract offer and call it an ultimatum, we're willing to negotiate. we have leadership that will negotiate with them to the end. but we also have to think about our future. the stock is at an all-time high. they're making record profits. they're just doing things beyond history. we are so lean and mean now, if boeing wants to build an airplane here, the 777x, we can compete with anybody in the world on the cost. we can compete and beat with any outsourcing they can do. >> are you unhappy with your union as well? >> the internal politics right now, any internal matters right

now, we'll handle internally. that's all i really wish to say on that matter. >> okay. so there's a bit of a debate within the union as well, is the point here. >> absolutely. >> by the way, you just mentioned boeing's stock. you own that stock, right? >> absolutely. i am a shareholder. and for the company to come back when they have record profits and stocks at an all time high and ask for us to take a cut, when jim mcnernny just raised his pension, i think is just degradable. >> we'll be watching this situation. really appreciate your time tonight, steve. thanks very much. >> absolutely. thank you. >> we'll see you soon. steve parsley joining us there. we have new evidence, meanwhile, that edward snowden is having a big impact on business. eamon javers has this story. >> call it the snowden effect. a lot of people are looking to see whether telecom companies are going to have trouble after

the nsa sdisclosures of spying y the u.s. around the world. we saw cisco citing the nsa disclosures as one reason they're having trouble in emerging markets. reuters reporting that ibm is having trouble possibly in china as a result of these disclosures as well. i wanted to flag for you one more here. this was in a disclosure, little noticed at the time, from ebay in october. here's what they said. they saids there significant international pressure against the u.s. and the national security agency regarding the collection of data by the nsa from u.s. companies. further restrictions or regulation in the european union could result as a direct reaction to these events. i've talked to tech company executives, or executives who handle technology at major companies, global corporations, who say they've been under pressure to repay treeuate some of their data out of the united states as a result of snowden disclosure. there is some impact. broadly you just don't see it in these s.e.c. filings. we see these one off examples. we'll be looking for more. a big open question going

forward, maria. >> thank you so much, eamon javers. what you need to watch out for on wall street tomorrow is next. plus, will sony score big profits with its new gaming console. game b ceo will be with me. don't touch that remote. back in a moment.

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exposure to new stakes to about 1.7, 1.8 shares of free port mcmaran and goal. taking a new stake. also making a notable trade, reducing the number of shares he has in bank of america. he's now got about 2.2 million shares. he had about 6.3 before. so about two-thirds of his stake cut in bank of america. on the dan leob third point said. we heard what he was doing. he was speaking with aaron sorkin at the deal book conference. he's taken a new stake, 2.6 share in activision. we knew about fedex. international paper exposure 8.75 million share. he's made a lot of money in yahoo! shares. he's cut his stake from 62 million shares down to 16 million shares in yahoo!. back over to you. >> good stuff. thank you, dom. meanwhile, sony is launching its newest and most ambitious gaming console tonight when the

clock strikes 12:00. not everyone will make the midnight ride to buy the playstation 4. the international data corporation is predicting it will beat out microsoft's xbox as the big seller this holiday season. how much growth can it drive in the gaming market? a preview of the highly anticipated device now. joining me is sony computer entertainment group ceo, andrew house. >> good to be here. >> the new playstation 4 launches tonight at midnight. >> tonight at midnight. >> what kind of expectations? there's a lot of excitement around. we haven't seen one in how long? seven years. >> it's been seven years since we launched a console. clearly an awful lot has changed in what gamers demand from gaming experiences. i think we've worked very hard to try and deliver on those expectations. in terms of overall numbers we're planning on selling 5 million units worldwide by the end of our financial year, end of march. and that's significantly ahead of where we were with the last generation of playstation 3. >> what are you most excited about for this new gaming console? >> i'm excited about a couple of

things. i think the fact that it launches not just as a games console, but with a full sweep of other network entertainment services. video streaming services. music. live events. it means that we have an opportunity to take gaming further into the mainstream. but also targeted at the general family audience as well. another little aspect i wanted to highlight is, you know, we found that along with many other aspects of their lives, consumers want to share their gaming experiences. in order to do that, we put a share button right here on the controller. >> oh. >> so you can instantly share achievements, what you've played, with friends on your own network. >> so you'll be tweeting or what is the sharing? >> it's become something of a passion for some people to actually broadcast their game play. with -- huge in the pc space. we think it's going to be great on consomes as well. >> it makes sense.

everyone wants to share everything, their whole life with their friends these days. >> the other thing we've done with the network is traditionally gaming networks have been based on anonymous ids, kind of forbidding. alongside that we let people create a network based on true names. make it easier to find friends. like minded players. sharing with friends that are relevant to you and people that want to see your content. >> so there is already some buzz about -- in gaming forums that those who were able to receive the ps4 early have reported some issues already. let me ask you that. is that going to be a problem for the launch? >> i think we're very aware of the sort of very small handful of cases that have happened. i think they're well within the expectations of the launch of any other device. you can absolutely rest assured that we're on the case with making sure that we address any and all of those. >> and what about the netflix and amazon apps that are being added to the console experience? do you think that's taking eyeballs away from video games given that amazon and netflix are -- everybody's going after everybody's customer? >> interestingly, we haven't

seen it to be anything other than additive even with the playstation 3. the playstation 3 is the number one client device for netflix worldwide. we've not seen any impact really in terms of people's passion for gaming. i think people segment their time and want to have gaming. >> well, good luck with it. thank you for bringing along the play station four. >> thank you so much. >> wall street's market pros will weigh in on tomorrow next. s giving me a sales pitch, especially when it comes to my investments. you want a broker you can trust. a lot of guys at the other firms seemed more focused on selling than their clients. that's why i stopped working at my old brokerage and became a financial consultant with charles schwab. avo: what kind of financial consultant are you looking for?

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>> welcome back. 30 seconds on the clock for each of our next guests to tell us what we should be watching on friday. tim from kolingwood group. good to see everybody. so let me begin with you. 30 seconds on the clock. what do you want to be prepared for? >> thank you. two data points we will be watching tomorrow morning. second industrial production which has been making recent gains. broader markets have been making new highs. we would like to highlight the managed air space where most of

the companies have already issued conservative guidance. i think both should be bought here. >> all right. we will leave it up. >> what are you watching for tomorrow? >> we will be looking for reaction from congress or the treasury department to buy fannie mae and freddie mac. everybody wants the government out of housing. so positive reaction is going to be great for the stocks of those organizations and for the thousands of financial institutions that are also investors. >> all right. good fun. eric, up to you. what do you want to be prepared for for tomorrow? >> in light of the data that will be out, the we're going to focus on some of the cyclical

stocks that are exhibiting good pricing power. we would highlight commercial metals. all of these are exhibiting good pricing power. we would take a look at kimberly clark and the transaction that they announced to unlock some of the value in the health care spin off. >> all right. we will leave it there, men, thank you very much. we appreciate your time tonight. welcome back. how is everything? there's nothing like being your own boss! and my customers are really liking your flat rate shipping. fedex one rate. really makes my life easier. maybe a promotion is in order. good news. i got a new title. and a raise?

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chase sapphire preferred so you can. >> and finally tonight my observation on janet's testimony and what it told us. we have been reporting all day that there were very few surprises who defended the fed's long time policy. she spoke at her confirmation hearing before the banking hearing today. i consider it imperative that we do what we can to promote a very strong recovery. second quote. it's important not to remove support, especially when the recovery is fra chil.

and then there is this. the benefits still outweigh the costs. his policies include the $85 billion a month on how and when to begin tapering that money down. there remains very few alternatives to stocks for any meaningful return for this market. it is is a good idea to be aware that markets are at an all time high and maybe due for a pull back. once again, investors did react to the dovish testimony today. the dow jones industrial average is at an all time high tonight. up 54 points.

nasdaq picked up and the s&p 500 at an all time high of 1790 with a gain of 8.5 points. thank you so much for being with me. we will talk to you on google plus and twitter. fast money begins right now. >> live from the nasdaq market site in times square, i'm melissa lee. here is tonight's line-up. ride the bull. the dow jones closing at an all time high for the 37th time this year but we have somebody who says the rally is far from over. con trarn call today, cisco clocking in after guidance sent investors into full on sell mode. investors say now is the time to buy. and the truth about trulia. we're going straight to the source with the ceo of trulia to separate fact from fiction.